Essential Contract Law
Why Understanding Contract Law is Important
Contracts are part and parcel of our everyday life. Everything from buying groceries to closing on a house involves some form of a contract.
However, the term contract has a broader meaning than the modern interpretation.
While some contracts are formal, others are implied and unwritten. Knowing the difference is key to navigating through business, employment, and social life.
A contract can be defined as an agreement between parties that creates a set of specific obligations that must be fulfilled by the parties involved in accordance with the law.
To put it another way, it’s the official document that cements all the obligations, rights, and duties of the parties involved.
Contracts constantly vary in length, terms, and complexity. But for an agreement to be legally valid and enforceable, several elements must be fulfilled: Legality, Capacity, Offer, Consideration, Intention, Certainty, and Acceptance.
When all elements are met, simple informal agreements become legally binding contracts. And if one element isn’t completed, it’s possible that the contract becomes unenforceable.
While the above can be easily apprehended by a legal professional, how does a Non-Legal trained professional perceive the terms and legality of them?
Here at REL Alliance, we offer customized and open training courses on contract law fundamentals. Our courses are conducted by industry experts and top professionals with a wealth of practical experience and are based on industry practices and not just theory.